"Ghey" is *slightly* less gay than "Ghay". But both are still gay.
"Ghey" would be like saying gay to many times on a internet forum. While "Ghay" would be sending out homosexual pictures with an order. 
The're similar, but very much different.
Ahhhhhhhhh, I See............. So The Disco Lights Under Your Truck, Would Those Be "ghey"? Or "ghay"?
